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Portable HVAC Equipment Market Exceed To Reach $5.5 Billion by 2031 | North America had the highest market share of 31.8%
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Portable HVAC equipment includes portable fans, portable air conditioners, and portable heaters which can be easily moved from one place to another place and are easy to clean. There are different types of portable HVAC are offered by the manufacturer in the market. Portable HVAC equipment is used in commercial and residential spaces to maintain adequate temperature and ventilation. With the increase in disposable income and the adoption of portable and compact consumer electronics, the demand for portable HVAC equipment is increasing day by day.
Innovative and advanced home appliances are always gaining major popularity among customers. People are increasingly preferring and replacing traditional HVAC systems with smart and advanced-featured portable HVAC. Smartphone compatibility, voice and remote control, and Wi-Fi connectivity are some of the key features which have been gaining major popularity among people. With the rising awareness about technologically advanced home appliances including portable fans, heaters, and ACs, the manufacturers are offering voice-controlled system-based portable HVAC equipment which is integrated with popular voice-operated systems such as Amazon Alexa, Apple HomeKit, and Google Assistant. Consumer appalling innovations and aesthetic designs of portable fans, heaters, and air conditioners, which is expected to propel the growth of portable HVAC equipment industry.
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Improvement in economic conditions is a key factor that contributes to the growth of the market. An increase in per capita disposable income enhances the spending capacity of consumers, leading to rising in expenditure on premium household appliances, which is expected to surge the growth of the portable HVAC equipment market. The rise in spending capacity is further anticipated to improve the standard of living, enabling consumers to buy highly advanced and smart featured home appliances such as portable fans, heaters, and air conditioners, which is expected to propel the demand in the upcoming years. The ongoing portable HVAC equipment market trends in urban areas are expected to fuel the portable HVAC equipment market growth in the upcoming years. In addition, the increase in disposable income in developing countries such as India and China has increased the expenditure on household appliances, which further drives the growth of the global market.
Energy prices are a significant part of our domestic expenditures and play an important role in industrial competitiveness and influence energy consumption patterns. End-use prices-paid by final consumers are affected by movements in white goods. As prices of electricity increase, the use of electrical appliances is expected to decrease. Sales of electrical household appliances significantly depend on the prices of the electricity.
Based on production, portable fans accounted for more than 60% of the portable HVAC equipment market share, in terms of revenue, in 2021 as it is being widely used & popular among consumers. A portable fan is cord connected or battery-operated small fan that can easily move from one place to another place without hustle.
Based on end user, the residential segment led the market and accounted for 50.0% of the global portable HVAC equipment market in 2021 and is expected to maintain its dominance during the forecast period. The residential segment refers to the non-commercial use of portable HVAC equipment in the household and other non-commercial applications.
As per the distribution channel, the hypermarkets and supermarkets segment led the market and accounted for 30.0% of the portable HVAC equipment market share in 2021 and is expected to maintain its dominance during the forecast period. Hypermarkets and supermarkets usually span a large area and display a wide range of brands in one store.
Region-wise, North America was the largest market in 2021 and had the highest market share of 30.0%. Companies operating in the North America portable HVAC equipment market are offering innovative products to sustain in the competitive market. They are launching new products to expand their business operations across different countries in this region and increase their customer base. High spending capabilities of individuals, owing to an increase in disposable income and economic stability are some of the major driving factors for the North America portable HVAC equipment market.
Some of the key players profiled in the portable HVAC equipment market analysis include AB Electrolux, Blue Star Limited., Carrier, Crompton Greaves Consumer Electricals Limited., Daikin Industries, Ltd., Dyson Limited., Emerson Electric Co., Haier Group Corporation, Hitachi, Ltd, Honeywell International Inc., LG Electronics Inc., Midea Group Co., Ltd., O2COOL, LLC, Orient Electric Limited, and Panasonic Corporation
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Key findings of the study
The portable HVAC equipment market size was valued at $3.5 billion in 2021 and is estimated to reach $5.5 billion by 2031, growing at a CAGR of 5% from 2022 to 2031.
Based on the product type, the portable heaters segment is projected to witness the highest CAGR of 5.5%, in revenue terms, during the forecast period.
Based on end user, the commercial segment is expected to grow at a significant CAGR during the forecast period.
Based on the distribution channel, the online retail segment is projected to witness the highest CAGR of 5.9%, in revenue terms, during the forecast period.
Based on country, the U.S. was the largest country, in terms of revenue generation for the portable HVAC equipment market in 2021.
Based on region, Asia-Pacific is anticipated to witness the highest growth rate, registering a CAGR of 6.0% from 2022 to 2031.
Related Report :
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Small Domestic Appliances Market: https://www.alliedmarketresearch.com/small-domestic-appliances-market-A14266
Electric Hobs Market:https://www.alliedmarketresearch.com/electric-hobs-market-A16359
Air Humidifier Market:https://www.alliedmarketresearch.com/air-humidifier-market
Smart Connected Washing Machine Market:https://www.alliedmarketresearch.com/smart-connected-washing-machine-market
Mixer Grinder Market:https://www.alliedmarketresearch.com/mixer-grinder-market-A16920
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